Dominican Land Position Increased & Initial Reconnaissance Program Completed
Vancouver, B.C. -- September 26, 2012 - Precipitate Gold Corp (TSXV: PRG) is pleased to report on its initial visit to its Juan de Herrera project in the Dominican Republic. A crew of three, including VP Exploration Michael Moore and Technical Advisor J. Campbell Graham, travelled to the Dominican Republic to carry out initial reconnaissance on the Juan de Herrera concession, adjacent to GoldQuest's Tireo volcanic belt holdings. Precipitate's in-country geologist had already visited local landowners and received widespread support and permission to access the project area. The short program focused on ground proofing a number of anomalies, apparent satellite imagery structures and site specific verification of the Tireo volcanics lithological contact.
The insights gained from this initial review will be valuable in prioritizing targets for a larger exploration program which will include geological mapping, prospecting and follow up BLEG and silt sampling. This program is slated to begin in mid-October. Precipitate and GoldQuest are in discussions for the acquisition of historic GQC reconnaissance data from Precipitate's concession application areas once GoldQuest has completed a database compilation, which is currently underway. This will provide Precipitate with a number of additional data points within the concession to help guide follow-up work.
Michael Moore, Precipitate's VP Exploration commented that "The short reconnaissance program was successful in confirming geological contacts in the area of historic sampling by GoldQuest as well as establishing us in-country and providing critical information about access and logistics. Our first Dominican trip has laid important groundwork for the follow up program that will begin next month. Once we return with a full crew we should be able to rapidly generate targets and focus areas for ongoing exploration in the region."
Precipitate is also pleased to announce that the BC Corp. property vendors have agreed to make an additional concession application, called the Hato Nuevo, available to the company, thus further enhancing its Tireo formation land position. Hato Nuevo is located northwest of Juan de Herrera, adjacent to the west side of GoldQuest's Tireo holdings. Based on regional maps, the northeastern portion of Hato Nuevo will provide exposure to additional areas of prospective Cretaceous aged Tireo volcanics. Subject to due diligence, Hato Nuevo will be added to the existing agreement between the vendors and Precipitate for no additional consideration. Based on updated government mapping and ground proofing by Precipitate personnel, Juan de Herrera and Hato Nuevo protect an estimated 30-40 square kilometres of Tireo volcanics; the host rocks for the Jenjibre, Escandalosa and Romero discoveries on the adjacent GoldQuest holdings, in addition to other Cretaceous aged rocks that may provide additional target types.
Additional information can be viewed on the company's website. www.precipitategold.com.
Precipitate is focused on exploring and developing its gold properties in the Dominican Republic and northwestern Canada. Precipitate continues to review opportunities in both these and other geologically and geopolitically attractive jurisdictions. With a proven management team, a growing portfolio of quality gold assets, including a prospective concession adjacent to GoldQuest's Tireo holdings in the Dominican Republic, and $1.8 million in working capital, the Company is well positioned for continued growth in 2012.
Michael Moore, VP Exploration of the Company and Qualified Person for purposes of National Instrument 43-101 has reviewed the technical information in this news release.
On Behalf of the Board of Directors of Precipitate Gold Corp.
President & CEO
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This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Precipitate Gold Corp.'s ("Precipitate" or the "Company") current beliefs and is based on information currently available to Company and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Precipitate to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the exploration concessions may not be granted on terms acceptable to the Company, or at all; general business, economic, competitive, political and social uncertainties; the concessions acquired by the Company may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or regulatory approvals; changes in legislation, including environmental legislation affecting mining; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Precipitate has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
For further information, please contact:
Daniel Caamano - Investor Relations
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